Technology and growth opportunities

A few days ago, Foreign Minister Marcello Ebrard presented the results of the Synergies Accelerator Forum between Startups, Tech Sector and Government (FASSST) created by the Ministry of Foreign Affairs and organized by Manola Zabalza, coordinator of the secretary’s office. FASSST became an important space for dialogue between companies and the government to discuss the country’s main problems and make public policy proposals. The interesting thing about the forum was that concrete approaches were presented to accelerate the development of the technology sector, in entrepreneurship, but above all, in digital financial services; sectors in which Mexico, despite having good conditions, still lags behind, even in relation to the rest of Latin America.

It is interesting to analyze some of the approaches that were developed in FASSST, particularly those related to the digital finance sector, which has great potential to generate inclusion:

One of the proposals that arises from FASSST is to facilitate the operation, reduce costs and allow the use of new technologies for payment aggregators; that is, for those who offer services to businesses so that they can receive both physical and digital payments. Globally, digital payments have proven to be an effective gateway to the financial system. If businesses start to go digital, then customers will start to see advantages in using digital payments, which in turn will expand people’s presence in the formal financial system. The digital route is effective not only to pay, but also to access financial services of a different nature, including savings or credit accounts. This will allow more businesses, even small ones, to offer this service in the short term.

Another interesting proposal is to facilitate the opening of accounts remotely; that is, without the need for the person to go to a branch. For this, an important step is to expand the transactional limits of the accounts opened digitally, or, alternatively, to enable the authentication of people using different means and not only the INE. On this last point, the Ministry of Foreign Relations itself has already advanced, with the adequacy that the passport is accepted as official identification by the banks. However, it is still pending that this possibility be extended to more digital financial services institutions.

Likewise, the FASSST agenda contemplates the creation of the figure of “digital bank”. Based on the demand that these types of services have shown, it is clear that the regulation must look to the future and contemplate broader figures that operate digitally (or at least simplify the requirements for more entities to become banks).

Finally, an important topic, which must be explained correctly, is that of open finance. Here, it is the one that, with the express authorization of the client, the financial institutions will be able to share the information of the users, in order that, through the data analysis that technology allows today, financial products can be offered to people. that suit your needs. Open finances will expand the possibility of access to credit, and other services, such as insurance, to more people.

With a clearer vision, better regulation, and specific objectives to advance financial inclusion, technology can become an engine for growth, good-quality employment, productivity for the economy, and authentic savings, credit, and insurance opportunities for millions. of Mexican men and women, as well as hundreds of thousands of micro, small and medium-sized companies. Luckily, from the Foreign Ministry, with Marcelo Ebrard, the use of technology is already being considered as an alternative to improve the future of the country.

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